Capital Markets Perspectives over the Last Decade

by Caselli, Stefano; Gatti, Stefano

• ISBN13: 9788831322850
• ISBN10: 8831322850
• Format: Paperback
• Copyright: 2023-07-01
• Publisher: EGEA Spa - Bocconi University Press

Summary

This book, published on the occasion of the 50th anniversary of Equita, is the result of the 10-year collaboration between Equita and Bocconi to carry out research and studies on capital markets. Well before the outbreak of the COVID-19 pandemic, the overall evidence showed that capital markets in Italy were still underdeveloped. In fact, the past decade was characterized by serious weaknesses in the structure and functioning of these markets. The lack of a robust financial infrastructure of capital markets, the need to strengthen the investor base, and flaws in the intermediation structure of capital markets were clear factors of competitive disadvantage for Italy vis-à-vis other European countries. Today, the financial and macroeconomic scenario has dramatically changed. The geopolitical tensions brought about by the Russian-Ukrainian war, the new inflationary scenario and the quantitative tightening of central banks worldwide have put an end to a period of inflated prices on financial assets. The effects on Italian capital markets have been immediate, and rather painful.

Author Biography

is the Dean of SDA Bocconi School of Management and he is Full Professor of Banking & Finance at the Department of Finance (since 2007) and Algebris Chair in “ Long-Term Investment and Absolute Return” (since 2019) at Bocconi University. is the Antin IP Professor of Infrastructure Finance at the Department of Finance at Bocconi University. At SDA Bocconi, he has been the Director of the Full Time MBA and the International Teachers’ Program Director.

Table of Contents

FOREWORD INTRODUCTION CHAPTER 1. Investment Banking: Intermediaries as the Infrastructure of Capital Markets 1.1. Investment Banking in Europe: recent trends 1.2. Investment Banking in Italy CHAPTER 2. Capital Markets Investors 2.1. Access to the capital market and their structure 2.2. The investors’ offer in the Italian market 2.3. The attractiveness of Italian issuers to investors 2.4. How much does it pay to invest in Italian capital markets? CHAPTER 3. Capital Markets Issuers: Equity Securities 3.1. The capital structure and financing needs of Italian companies 3.2. Equity capital markets funding: recent trends 3.3. Why do Italian companies go public (and why not)? The ownership structure of Italian listed companies CHAPTER 4. Capital Markets Issuers: Debt Securities 4.1. Debt Market for Italian issuers: loans and bonds 4.2. Drivers of the cost of funding in the debt market 4.3. ESG Bonds CONCLUSION